The head of the State Duma Committee on the Financial Market— Russia, Anatoly Aksakov, recently made a statement regarding the future of the present class of cryptocurrency.
Aksakov Thinks the Future of Crypto is Sad
Aksakov, went ahead to describe the future of cryptocurrency as a very sad one. He further made it clear that he is of the belief that the present set of cryptocurrency will disappear from the financial market over time. He made this known through a recent interview he was part of. The interview was conducted on the parliamentary television channel Duma TV.
When asked for the reason behind his opinion, he made it known that the industry has allowed several cryptocurrencies with no actual meaning or groundbreaking functions to thrive. He also made it known that there are several cryptocurrencies which are serving the same function and purposes.
As a result of this, the industry is no longer as secure as it was meant to be. He also spoke on the huge surge in the price of bitcoin and other cryptos late last year.
He stated that:
“The unjustified excitement resulted in the fact that the bitcoin price soared to $20,000. However, now the hype has disappeared, interest in cryptocurrencies is falling, and they will disappear from the financial market”
New Draft Law
He further made it known that this opinion was the reason behind the exclusion of concepts such as: mining’ and ‘bitcoin’ from the draft law “On digital financial assets,” where he was part of the main contributor.
He further stressed that the draft law will indicate that the distributed ledger technology can be used for organizing initial coin offering and the work of investment companies.
Aksakov was however very optimistic about the future of blockchain technology as a whole. He also referred to blockchain technology as promising. He is of the belief the system will correct itself to allow for legitimate cryptos.